SECP Approves PICIC Investment and Growth Funds Conversion into Open-End Fund

The Securities and Exchange Commission of Pakistan (SECP) has approved the conversion of PICIC Investment Fund and PICIC Growth Fund (being managed by HBL AMC) into open-end funds.

The SECP managed to bring this longstanding issue to a successful conclusion by closely working with HBL AMC and other stakeholders, including PSX, CDC and NCCPL.

The conversion will enable investors to capture the benefit of net asset value of unfrozen portfolio of the funds in case of redemption and allow exit mechanism to the investors of class A units representing frozen portfolio through PSX.

Consequently, the PICIC Investment Fund (PIF) and PICIC Growth Fund (PGF) were converted into open-end funds on July 2, 2018, in compliance with the condition imposed by the SECP for the merger of the PICIC AMC with and into HBL AMC